Six Rivers Fund, an independent non-profit corporation, will support projects and initiatives that focus on youth, education, sports, recreation, health and wellness.
Victor Fern is the chair of the Board for the Fund.
He says the money is needed because youth right now miss out on great opportunities.
Fern says some of the projects communities can apply for money for include things like fixing up playgrounds and ball diamonds, as well as trips to events.
The Six Rivers Fund will have $100,000 for communities to access in 2016.
The hope is to grow the fund to $50 million in the decades ahead, through the proceeds of recovery at the Key Lake operation.
Most of the money is to flow to the First Nation over 10 years through contracts with band-owned businesses and wages to band members, who are expected to work at the mines and on community development projects.
There are also to be direct payments to the community for education, health, sports and recreation programs.